For the second time since June 2022, the market performance of blue chip nonfungible tokens (NFTs), which are frequently seen as promising long-term investments, fell below 10,000 Ether (ETH) in the blue-chip index kept by NFTGo, as reported by Cointelegraph.
Recently, on April 29, blue chip NFTs recorded their best performance, totaling over 14,900 ETH. The index dropped to 9,331 ETH on June 13, which was the worst-performing day in blue chip NFT history. This decline was mostly caused by a floor price adjustment in the CyberKongz and CyberKongzBabies projects. Over 53% of NFT investors saw losses on sale trades in the past 30 days. The number of investors who hold their NFT assets is increasing despite the apparent market gloom, Cointelegraph noted.
The number of long-term holders of NFT increased by about 500,000 users in just June and July, bringing the total to over 3 million at the time of writing. PFP (photo for proof) NFTs have the highest market valuation of all NFT subcategories at $13.95 billion. Former market leaders including collectibles, gaming, and art NFTs collectively have a market valuation of about $6.7 billion, Cointelegraph noted.
Over 53% of NFT investors saw losses on sale trades in the past 30 days. The proportion of investors who hold their NFT assets keeps growing despite the current state of the market.
(With insights from Cointelegraph)
Also Read: From events to healthcare, entertainment how these sectors can benefit from NFT tickets
Follow us on Twitter, Facebook, LinkedIn
Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.
Author
Administraroot
